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Certified Public Accountant Shares Tax Tips For Newlyweds
How can you put the two together? If the bride is going to be changing her name, the government will want to know as soon as possible.
Once tax season arrives, the new name change should be in place with everything financial.
Take a look at the tax tips below for all those changing their names as well as other personal information.
* Your Social Security Card must show the name change.
If you are taking on a new name it is imperative that this name matches your Social Security number.
The process is simple.
You can go to the Social Security website and file Form SS-5 for a new card.
You can also visit your local SSA office.
*Moving? Notify the IRS of an address change with Form 8822.
You will also want to contact the U.
S.
Post Office so to keep the mail on your trail.
* In order to ensure your W-2 will find you in a timely manner come tax season, you will want to report change of address to your current employer as well as any other employer reporting income for the current tax year.
When it is time to do your taxes, you won't want to be chasing down your W-2s or tax statements.
*Check your W-4 for Income Tax Withholding.
There is an impact on your tax withholding amounts.
Multiple incomes and children will affect the amount of federal income tax withheld.
You could be looking at a higher tax bracket with a new spouse income.
The IRS has a calculator tool on their website to help you figure what your withholding should be.
Make changes on your W-4 (Employee's Withholding Allowance Certificate) with your employer to make the changes with the payroll department.
*If you didn't qualify for tax reductions when you were single, you will want to reevaluate once married.
If itemizing will save more money than using standard deductions on your tax return.
Your CPA will advise you in the right direction in order to maximize your return.
Even if your wedding day is the last day of the year, your tax filing status will change.
What is the best way to file? You and your spouse will have the choice to file jointly or separately.
It would be best handles to figure your taxes out both ways in order to make the best decision for your personal taxes.
A tax specialist is a great source of information when making financial decisions.
Filing jointly is the option used most often.
Get professional opinions concerning your financial situation.
If you wait to the last minute to make the appropriate changes, it will only add to the chaos of tax season.
It is important to receive your W-2 in a timely fashion, without them you cannot file.
The IRS will only process taxes through the name associated with the Social Security number.
If the wedding is later in the year, you may want to give your local Certified Public Accountant a head's up on the upcoming changes and double check that you covered all your bases before tax season begins.
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